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So you´ve seen a property in Spain that you would like to buy. What next?
Many buyers are being strongly advised in the media to make ´silly offers´ to secure the best property deal possible. That may be all well and good if you are the only interested party, but in the case of those cheap Spanish properties that are now correctly priced for a quick sale, you may well miss out on your dream home for the sake of saving a few quid if you follow this advice.
I´ve noticed in the last few weeks that as soon as an offer is made on a property for sale in Spain, other interested parties begin to enter the frame. I liken it to an auction room, in which everybody is nervous of making the first bid for fear of their interest being uncovered.
It seems that buyers are waiting for the true ´value´ of a property to be revealed before they enter the fray. If we interpret ´value´ to mean the price that somebody is prepared to pay, then naturally this means that the first offer on a Spanish property sets the benchmark as the starting point for any subsequent offers – i.e. an auction.
There have been several recent examples of clients waiting in the wings, waiting for the opening offer to be made, and then making counter-offers in an attempt to secure the property. It seems that interest stimulates interest, and this is when things can get very messy.
My advice?
Make an offer with cold hard cash on the table (i.e. ´reserve´ the property with a deposit held by your lawyer). If the offer is rejected, you can up your offer or simply back away and have your funds refunded. But an offer made with a deposit signals clear intent, and gives you control in the event that the process turns into an auction.
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